Jeff Bezos No. 3 world’s richest after shedding Amazon tanks

Jeff Bezos noticed his wealth slashed by $18 billion on Friday, slicing him to No. 3 among the many world’s richest, after Amazon’s stock tanked following a downbeat earnings report.

As of early Friday, Bezos’ internet value was valued at $152.3 billion — down from $170.5 billion a day earlier, according to Forbes.

Now, Bezos is in third place among the many world’s richest, behind No. 2 Bernard Arnault, the French luxurious tycoon whose present internet value is estimated at $159.8 billion,.

The world’s richest man, Tesla CEO Elon Musk, who is on the verge of acquiring Twitter for $44 billion, has a internet value of $260 billion, Forbes says.

The Amazon founder’s wealth has taken a large hit because it hit a peak of $210 billion final yr, making him the world’s richest individual on the time. That’s regardless of his 2019 divorce from MacKenzie Scott, his faculty sweetheart, who took 25% of his Amazon inventory in a settlement.

Scott’s internet value additionally received slashed by Friday’s Amazon rout, dropping $5 billion to $37.7 billion, in line with Forbes.

Jeff Bezos' net worth was most recently valued at $152.3 billion.
Jeff Bezos’ internet value was most lately valued at $152.3 billion.
Bezos with gal pal Lauren Sanchez
Bezos has been residing the excessive life with gal pal Lauren Sanchez.

Since its peak, Bezos’s internet value has taken a reduction of $57 billion, according to Bloomberg News. Certainly, earlier than Friday’s carnage, Bezos’ wealth had already tanked greater than 23% yr to this point as Amazon’s inventory has taken a success from the post-pandemic slowdown in on-line spending in addition to elevated labor prices and hovering charges of inflation.

Bezos at present owns 55.5 million shares of the corporate, equal to an 11.1% stake, in line with firm filings.

Bezos’ outsize wealth lately made headlines when Dutch officers reportedly weighed plans to dismantle a bit of a 140-year-old bridge to make means for the his $500 million superyacht, which is under construction close to Rotterdam. Preservationists mentioned they may bombard the luxury cruiser with rotten eggs if town follows by means of.

View of a Jeff Bezos' yacht.
Bezos’ $500 million superyacht, is beneath development close to Rotterdam.

Bezos additionally currently has been residing the excessive life with gal pal Lauren Sanchez. Most lately, the couple had been noticed double-dating with Kim Kardashian and Pete Davidson, according to Page Six.

Amazon shares fell by greater than 12% on Friday after the Seattle-based e-commerce big reported disappointing earnings for the primary quarter of 2022.

Whereas in-store gross sales rose, March is the primary month to indicate decline in on-line gross sales for the reason that pandemic started, in line with Mastercard SpendingPulse, which tracks spending remodeled the Mastercard funds community and survey estimates for different funds made with money and checks.

Jeff Bezos has seen his wealth take a massive hit since it hit a peak of $210 billion last year.
Jeff Bezos has seen his wealth take a large hit because it hit a peak of $210 billion final yr.
Getty Photos for DJ

Amazon mentioned it earned $7.38 per share — which is in need of analysts’ expectations that it will hit $8.36 per share, according to CNBC. The agency additionally reported $116.44 billion in income, which beat forecasts. Analysts anticipated $116.3 billion.

Amazon Internet Companies, the cloud-computing division, additionally outperformed analysts’ expectations, bringing in $18.44 billion in income versus the $18.27 billion that was forecasted.

However Amazon’s promoting division fell in need of Wall Avenue’s estimates, producing $7.88 billion versus forecasts of $8.17 billion.

Amazon additionally reported losses of $7.6 billion from its funding in electrical automobile start-up Rivian, which shed half its worth within the quarter. Rivian’s losses for the quarter totaled $3.8 billion.

Amazon’s income jumped 7% within the first quarter — a far cry from the 44% enhance in income from the identical interval a yr in the past. It was the slowest development fee for the corporate for the reason that dot-com bust in 2001. Final quarter, Amazon additionally reported single-digit income development.

Bezos stepped down as CEO of Amazon last year. He was succeeded by Andy Jassy
Bezos stepped down as CEO of Amazon final yr. He was succeeded by Andy Jassy.
Bloomberg through Getty Photos

The numbers don’t bode properly for Amazon within the subsequent quarter, as its income projections vary between 3% and seven%.

Amazon expects whole income this quarter to vary from $116 billion to $121 billion — in need of the $125.5 billion common analyst estimate, in line with CNBC.

“The pandemic and subsequent war in Ukraine have brought unusual growth and challenges,” Amazon CEO Andy Jassy mentioned in an announcement. 

Jassy assumed the reins of the corporate after Bezos stepped down as CEO final yr.

In his first yr as chief government, Jassy took home $212 million in whole compensation. Of that sum, simply $175,000 was his base wage. The remainder is derived from inventory choices and different awards.

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